As a fellow Connecticut blogger Ryan McKeen has said before, the Connecticut Judicial Branch Law Libraries’ Newslog, is one of those hidden-in-plain-sight web gems that ought to be discovered more often. In a recent post, they referenced new reports from the Office of Legislative Research which provides answers to some questions that might otherwise go unanswered.
Among the reports recently released is a fascinating look at the Connecticut insurance labor data. The report was compiled in response to a request to determine how many jobs the insurance industry provides to Connecticut while also determining what jobs may have been (1) outsourced to offshore vendors and (2) given to workers here on a visa.
Notably, Connecticut’s place as the "insurance capital" of the world has eroded, as the employment numbers confirm:
It appears that the employment level peaked in 2002 at 67,828 positions and has eroded since then. Over the past year, from June 2008 to June 2009, the employment level has dropped from 66,100 to 64,200, a loss of 1,900 jobs, which represents 2.9% of the jobs. According to the Courant, the industry’s employment peaked in July 1990 at 83,300 and ended 1999 at 71,500. Thus, from July 1990 to June 2009, the Connecticut insurance industry’s employment level dropped from 83,300 to 64,200, a decrease of 19,100 jobs or about 23% of its workforce.
For employers that rely on the insurance industry for its livelihood, this drop represents a significant portion of business over the years.
There is a practical use to such numbers as well. As companies defend themselves in discrimination claims arising from layoffs and reductions in force, numbers like this can provide a much needed context to the company’s business losses. This may provide further support to a company’s legitimate nondiscriminatory reason for its decision.